Correxiko, renowned for anti-aging and skin hydration products, partnered with Wayflyer to turn a supply crisis into a growth triumph.
Correxiko, founded by Dr. Dinuk Dissanayake, a gastroenterologist, and his wife Lalani de Silva, began as a response to the misleading supplement market. Based on a foundation of authenticity and efficacy, the company, over 12 years, has earned a reputation for its transformative health products.
However, rapid growth led to a crossroads: Correxiko's manufacturing process, reliant on quality ingredients like Canadian collagen, faced a time and funding crunch. With surging demand, the company faced the heart-wrenching decision to halt new customer acquisition and marketing to maintain supply for existing customers—a pivotal moment marking both success and an operational challenge.
And when our sales just shot up, we couldn't supply enough. We had to stop everything. We had to stop acquiring new customers. We had to stop marketing." Dr. Dinuk Dissanayake, Founder, Correxiko
In their quest for sustainable growth, Correxiko turned to external funding, finding traditional banks ill-equipped to grasp their unique business model. Enter Wayflyer. Unlike traditional lenders, Wayflyer engaged deeply with Correxiko, understanding their financial landscape and future aspirations.
This empathy and insight led Wayflyer to offer a funding solution significantly higher than other financiers, tailored to Correxiko's specific needs. It was a partnership, not just a transaction, marking a turning point for the health supplement innovator.
With Wayflyer, what I really loved about them was they contacted us, and I spoke to their finance team and they really understood what our business was, what our numbers meant, why we did what we did before, why we needed the funds going forward.
Wayflyer's funding represented a vote of confidence in Correxiko's vision. The extra cash, arriving swiftly and substantially, enabled Correxiko to upscale production and reintroduce marketing efforts. Not only did this resolve their immediate supply challenges, but it also set the stage for future growth.
With Wayflyer's support, Correxiko could bring new products to market and expand their customer base, experiencing a significant boost in sales and market presence. This strategic partnership highlighted the power of understanding and tailored financial solutions in fueling business growth, demonstrating Wayflyer's role as a catalyst in Correxiko's ongoing success story.
We got that big lump sum in advance, and we had enough time to manufacture our products and then bring our new products to market. So right thing at the right time.